Bitcoin Blog a1

Wednesday, June 15, 2016

Bitcoin hits $700! (I actually spent some of my bitcoin!)

The price of bitcoin has been going crazy. Bitcoin is now at a 2-year high. I speculate some of this has to do the the upcoming halving. You can read some of my thoughts on a old article I wrote for Coinbuzz. I might talk about about this and some of my experience writing for Coinbuzz in another post.

Anyway, with this huge upward price movement. I may have made a mistake. I didn’t anticipate the price of bitcoin to continue to rise so much, Earlier this week I made my first purchase with bitcoin ever! I used egift to buy an Amazon gift card, (I love shopping on Amazon!). I have a video on how to do it yourself at the bottom of the post.

Performing the transaction I experienced:

Fees

0.0007 BTC

Which was ( at the time) about 40 cents of fees. This fee might seem high to you, but it is the result of receiving bitcoin in many small transactions. A Lot of the bitcoin I have received is from faucets, and when you finally spend it, the transactions fees can be a bit high. Each source of btc counts as an input, which is one of the factors used in determining transactions fees. If you are interested, I talk about this more here.

As I continued and finished the transaction I noticed, it looks like Coinbase provides this service for egifter, so I don’t know if egifter even holds on to any of the bitcoin. Initially, I recommended spending some of your bitcoins right now if you have any, but I am no longer certain what the future holds for the price of bitcoin.